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Dive Brief:
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A new L.L. Bean store in Ulster, New York, is exceeding company sales projections, with more than 25,000 shoppers visiting since its May 10 debut.
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The outdoor retailer plans to open three more new stores in the U.S. this coming fall, at Silver Spring Square in Mechanicsburg, Pennsylvania; Brookside Plaza in Enfield, Connecticut; and Rivers Edge in Indianapolis.
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Further expansion is planned for next year, focused on “high-growth opportunities in the Southeast and Mid-West,” the company said in a press release this week.
Dive Insight:
L.L. Bean’s brand is firmly rooted in Maine, but, thanks to decades of sales via its catalog, the retailer has long employed an omnichannel strategy and enjoyed national name recognition. Now the outdoor gear icon is turning to brick and mortar to further that and broaden its audience.
"As we continue to increase our retail presence in 2024, we're strategically positioning L.L.Bean for sustained growth, ensuring that we continue to reach more customers in more geographies,” CEO Stephen Smith said in a statement. “This expansion plan will not only strengthen our national footprint, but it is also a pivotal step in reinforcing L.L.Bean's position as a leader in the retail space and outdoor industry."
The company’s new openings and future plans follow an expansion last year. Along with two new stores in the Boston area, the company opened two locations in greater Montreal, launched a French-language e-commerce site in Canada and inked new wholesale partnerships. With the opening in Ulster, the company now runs 57 locations in the U.S. and, in partnership with Jaytex Group, 13 in Canada and 22 in Japan.
“As we continue to expand our retail footprint beyond New England, we are eager to strengthen our connection with customers and communities across the country, enabling more people to experience the restorative power of time outside,” Chief Retail Officer Greg Elder said in a statement.
L.L Bean reached its third-highest sales mark last year, notching $1.7 billion in net revenue, though “sales were down slightly year-over-year,” according to a March press release that cited “significant headwinds felt across U.S. retail.” The company said that ongoing investment in an omnichannel growth strategy nevertheless paid off, with “year-over-year growth in key product categories, including outerwear, sweaters, and denim.”
Along with its geographic expansion, the company said that its new inclusive sizing program is “part of its goal to create greater accessibility to outdoor activities.”
Though it may be looking farther afield to expand market share, L.L. Bean is also showering its flagship — which it says is already the second most-visited tourist attraction in Maine — with plenty of attention. The company is investing $50 million in a renovation to that campus to enable “a more immersive customer experience, expanded community engagement opportunities, and upgraded back of house functions.”
via https://www.aiupnow.com
Daphne Howland, Khareem Sudlow
